In 2015, Wells Fargo launched the nationwide Diverse Community Capital (DCC) program. The six round—two per year—initiative invests in CDFIs serving diverse small businesses through $75 million in grants and lending capital. Since the program began, there have been 44 DCC CDFI awardees, including 14 round three awardees announced this week. (Year one awardees have reported remarkable results.)
Yesterday, Wells Fargo shared the story of two DCC CDFIs and small businesses they’ve helped finance: Round three awardee Nebraska Enterprise Fund and borrower Wayne’s Mobile Kitchen & Catering and round one awardee Bridgeway Capital and borrower Big Lulu’s Trucking.
These are two great examples of CDFIs investing in entrepreneurs and guiding them on the path to success. Said Connie Smith, SVP, DCC Program Manager, Wells Fargo Government & Community Relations Group, in yesterday’s Well Fargo Stories blog post: “Stories like Wayne’s and Celeste’s remind me every day just how important this program is… CDFIs provide a pathway that allows entrepreneurs to grow their business acumen, which can eventually grow their business, and we hope that will help diverse business owners to build wealth.”
We couldn’t agree more!
Read more here and enjoy a video of Big Lulu’s Trucking below.